A group of GOP senators, ranging from moderate Susan Collins to fiscal conservative Pat Toomey, held a press conference Thursday morning to discuss legislation each have independently introduced aimed at cutting government regulation in the name of job creation.

Toomey's bill, which he introduced at the end of June, focuses on environmental regulations and called on the EPA to analysis potential job loss before issuing new rules going forward. If the proposed rule would displace more than 100 jobs or more than $1 million in business, the EPA would have to hold field hearings.

The purpose of the bill, Toomey said at the press conference, "is to allow us in Congress to make an informed decision whether the cost of lost jobs are worth whatever benefits they think this rule is going to generate."

Toomey reminded the press that he too was once a small business owner, running multiple restaurants with his brothers. "I can tell you from firsthand experience, the cost of complying with the regulations imposed on us had a price, and the price was it delayed our ability to open another restaurant, expand out business and hire new workers," he said.

Others, like Wyoming Sen. John Barasso, who is a co-sponsor on Toomey's bill, spoke of legislation, which is similar to Toomey's, but requires all federal agencies, not just the EPA, to complete "Jobs Impact Statement" to determine potential job loss of a new government regulation.